DaimlerChrysler Confirms Talks on Chrysler Sale
DaimlerChrysler AG chief Dieter Zetsche confirmed Wednesday that the transatlantic car giant had launched talks with potential buyers for its troubled U.S. offshoot Chrysler but insisted that all options remained open on the fate of the Detroit-based group. Talks had taken place with possible partners who had signaled a clear interest in the loss-making Chrysler, Zetsche said at the annual shareholders’ meeting in Berlin, which was dominated by talk about Chrysler’s future.
Blackstone, Cerberus Make Formal Bids for Chrysler
From AFX News Limited LONDON — The Blackstone Group and Cerberus Capital Management, two of the largest U.S. private-equity firms, have made formal bids to buy the Chrysler Group from DaimlerChrysler AG, The Detroit News reported, citing people close to the talks. No details were known about the size of the bids, but the offers were
The Week in Review (March 26-30, 2007)
By Amy Antenora Editor The Week in Review offers a snapshot of the most read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of
Carmakers Racing to Stay in Control
From International Herald Tribune Porsche’s decision to raise its stake in Volkswagen, along with DaimlerChrysler’s recent decision to seek bidders for Chrysler, reflect European automakers’ desire to control their own fates, rather than see them decided by less friendly acquirers. The two remaining U.S. automotive giants, General Motors and Ford Motor, would be wise to
DCX Likely to Sell Detroit Axle
American Axle & Manufacturing Holdings Inc. is a likely buyer for Chrysler Group’s Detroit Axle Plant, an analyst said Wednesday. "We believe there is a reasonable chance that DCX will look to sell its Detroit Axle Plant … or outsource its internal axle manufacturing in the near future, perhaps prior to the expiration of the current labor contract in September 2007," Rob Hinchliffe, an analyst with UBS Investment Research, told investors in a note. "AXL, the only healthy, independent axle supplier, has the inside track to be the beneficiary, in our view."
TI Automotive Makes Deal with Sun Capital
TI Automotive Ltd., a Warren, MI-based auto supplier of fluid storage and delivery systems, said today it has sold its Industrial Group businesses to an affiliate of private investment firm Sun Capital Partners Inc. TI would not disclosed the price tag, but its Industrial Group businesses — which make products like evaporators, condensers and door warmers — represented 15 percent of TI’s sales and employs 5,000 people.
Delphi Talks Likely to Go Past Deadline
A deadline that threatens a key cash infusion for struggling auto parts maker Delphi Corp. likely was to pass with no agreement between the company, its unions, General Motors Corp. and a group of investors, a person familiar with the negotiations said on Wednesday. The person, who asked not to be identified for fear of jeopardizing the negotiations, said talks were under way and likely will continue past Wednesday’s deadline into February or beyond because investors have no intention of walking away from the deal.
The Top 10 News Stories of 2006
For the third year in a row, the editorial staffs of aftermarketNews and Counterman magazine take a look at the events that have had the most impact on the automotive aftermarket in the past year.
Executive Interview with Hytec Automotive, a DeBartolo Company
This week, we hear from two top executives charged with leading the direction of Hytec Automotive, a DeBartolo Company. Hytec, based in Columbus, OH, has manufacturing facilities in China . Prior to this foray into the automotive aftermarket, DeBartolo was best known for its involvement in development, real estate, retail and professional sports. Hytec made its industry debut last year at AAPEX. Tim Zahler, founder and president of Hytec Automotive, along with Jerry DeNicholas, president and CEO of DeBartolo Holdings, recently gave us an update on the new company’s progress.
Charges Add to Cooper-Standard Losses
Cooper-Standard Automotive Inc., a privately held Novi, MI-based auto supplier of body sealing and fluid handling systems, reported Wednesday that losses increased because of restructuring and acquisition costs. For the three months ended Sept. 30, Cooper-Standard lost $27 million, compared with a $1.1 million loss in the same period a year earlier. Third quarter sales were $505.5 million, up 18 percent from $426.7 million in third quarter 2005.